Insurance House raises $18m

Abu Dhabi's Insurance House said on Saturday it raised 66 million dirhams ($18 million) in an initial public offering, the first IPO in over two years in the United Arab Emirates.

"We have raised as much as we offered to the public," a company spokesman said about the IPO which closed on March 9 after offering 55 percent of its capital to UAE nationals.

The shares will be listed on the Abu Dhabi bourse.

"The IPO of Insurance House has broken the deadlock in the struggling UAE IPO market since more than two and a half years," said Chairman Mohammed Al Qubaisi in a statement.

Mashreq acted as the lead receiving bank.  The other participating banks were National Bank of Abu Dhabi, National Bank of Fujairah and Finance House.

Finance House, the promoter of Insurance House, has subscribed to 36 per cent of the founders' share capital of 54 million dirhams or 45 per cent of the capital.

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